This step is necessary for conducting operations with cryptocurrencies and tokens.
Changes have been made to the board resolution that regulates the "Instruction on the operation of bank accounts and deposits," issued on October 31, 2012, under number 41/12.
It is now clearly stated in this document that the opening of escrow accounts for virtual assets is permitted.
An escrow account is a banking instrument that ensures the security of financial transactions between the parties to a deal. It is also called a conditional account, as funds are transferred only upon the fulfillment of pre-agreed conditions.
The principle of operation is as follows: the buyer deposits funds into a special account, and the right to receive them passes to the seller only after all the conditions of the contract are met. The bank acts as an impartial arbitrator, overseeing compliance with the agreements.
Escrow accounts can be used not only for transferring money but also for transactions involving securities and other movable assets.
